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Posted On:  1 year ago


TCS on cash sale of goods or services

New Sub Section (1D) of Section 206C is as follow: Every person, being a seller, who receives any amount in cash as consideration for sale of bullion or jewellery or any other goods (other than bullion or jewellery) or providing any service shall, at the time of receipt of such amount in cash, collect from the buyer, a sum equal to 1% of sale consideration as income-tax, if such consideration,

article author Soniya Agarwal

Posted On:  1 year ago


Stepwise Registration under Luxury Tax in Maharashtra

The Dealer has to cover the following steps for Registration under Luxury Tax Act (LT)

article author CA Chirag Chauhan

Posted On:  1 year ago


Bad Debts can be claimed if written of in books as irrecoverable: CBDT

Admissibility of claim of deduction of Bad Debt under section 36(1) (vii) read with section 36(2) of the Income-Tax Act, 1961- reg. CIRCULAR NO. 12/2016, Dated: May 30, 2016 Proposals have been received by the Central Board of Direct Taxes regarding filing of appeals/pursuing litigation on the issue of allowability of bad debt that are written off as irrecoverable in the accounts of the assessee. The dispute relates to cases involving failure on the part of assessee to establish that the debt is irrecoverable.

article author CA Chirag Chauhan

Posted On:  1 year ago


Clarifications for implementation of FATCA and CRS-reg : CBDT Circular no.12/2016

An Inter-Governmental Agreement between India and USA was signed for implementation of Foreign Account Tax Compliance Act (FATCA). The Government of India has also joined the Multilateral Competent Authority Agreement (MCAA) for Automatic Exchange of Information as per Common Reporting Standard (CRS). To provide guidance for implementation of FATCA and CRS, A Guidance Note was released on 31st August 2015 which was subsequently updated on 31.

article author CA Chirag Chauhan

Posted On:  1 year ago


Equalisation Levy in India, rules and how it effects Business in India – CBDT Notification 38/2016

What is equalisation levy tax ? From June 1, an equalisation levy of 6% will have to be deducted by a business entity in India which makes payments exceeding Rs 1 lakh in the aggregate in a financial year to a non-resident service provider for specified services.

article author CA Chirag Chauhan

Posted On:  1 year ago


Stepwise Registration under Profession tax registration certificate (PTRC) in Maharashtra

1. Create Temporary Profile Click on ë-Registration” under e-services menu

article author CA Chirag Chauhan

Posted On:  1 year ago


Step wise registration under Profession tax Enrollment certificate (PTEC) in Maharashtra

Steps involved in the grant of Enrolment Certificate (EC) under sub-section(2) or sub-section(3) of section 5 of the Maharashtra State Tax on Professions, Callings and Employments Act, 1975 (PT Act)

article author CA Chirag Chauhan

Posted On:  1 year ago


Stepwise Registration process under SCPT (Sugarcane cane purchase tax) in Maharashtra

Steps involved in the grant of Registration Certificate under section 5 of the Maharashtra Purchase Tax on Sugarcane Act, 1962

article author CA Chirag Chauhan

Posted On:  1 year ago


Stepwise Registration under Entry Tax Goods in Maharashtra

Steps involved in the grant of Registration Certificate under section 4 of the Maharashtra Tax on the Entry of Goods into Local Areas Act, 2002. (Maharashtra Act IV of 2003)

article author CA Chirag Chauhan

Posted On:  1 year ago


Stepwise Registration process under MVAT and CST - Maharashtra Value Added Tax and Central Sales tax

1. Introduction Under Maharashtra Value Added Tax Act, 2002, there are two modes of registration viz. (a) when the dealer crosses the threshold limit and; (b) When the dealer makes an application under voluntary scheme of registration (c) Non Resident Dealer (d) Casual Dealer Central Sales Tax is an Act to formulate principles for determining, when a sale or purchase of goods takes place in the course of inter-state trade of commerce, or outside a State or in the course of imports into or export from India, to provide for the levy, collection and distribution of taxes on sales of goods in the course of interstate trade of commerce and to declare certain goods to be of special importance in inter-state or commerce and specify the restrictions and conditions to which state laws imposing taxes on the sale or purchase of such goods is of special importance. Eligibility criteria for CST registration is that the dealer should have entered into inter-state trade of commerce.

article author CA Chirag Chauhan

Posted On:  1 year ago


Steps for E-Verification and User Manual for Form 35

E-Verify Form 35 (Individuals) Login to e-Filing Portal Click “e-File” Select “Prepare and Submit Online Form (Other than ITR)”

article author CA Chirag Chauhan

Posted On:  1 year ago


Section wise Changes in TDS Provisions from 1st June 2016

Chnages in TDS rate from 1 June 2016

article author One Roof Consultant

Posted On:  1 year ago


Profession Tax Enrolment Amnesty Scheme 2016 Maharashtra - Tax payable and documents required

The Maharashtra government has introduce Scheme for professionals and self-employed who has not enrolled for Professional Tax and not paid any Professional Tax (PT) till date. Government send usually notice to all those who are liable to pay professional tax and make them pay Professional Tax for 8 years with interest and penalty. To give one time relief to all government has introduce. This scheme is applicable only to the unregistered persons as on 1-4-2016, those who are already registered before 1-4-2016 cannot avail the scheme.

article author CA Chirag Chauhan

Posted On:  1 year ago


Features and Step wise process - Income Declaration Scheme 2016 – Convert your Black Money to White

Features and Step wise process - Income Declaration Scheme 2016 The Income Tax Department has come up with the Income Declaration Scheme 2016 which gives chance to Individual to come clean and declare their undisclosed investment, income, assets. The Center government has announce the scheme in Budget 2016. The Scheme Requires investment to be revalued as on 1 June 2016 and tax is to paid on fair market value of such assets which may not sound positive for declarants as assets have to be revalued. However confidentiality of declarant and immunity for prosecution, is very positive for declarant. In case the black money is not disclosed in this scheme and the undisclosed income will be liable to pay 300% of Penalty, interest , etc and also tax payer will be prosecuted. So to avoid such circumstances the scheme can be utilized to disclose black income and come clean. The Article introduce with feature and process of the scheme.

article author CA Chirag Chauhan

Posted On:  1 year ago


The Income Declaration Scheme Rules 2016

The Income Declaration Scheme Rules, 2016 as Notifed by CBDT which shall come into force from shall come into force on the 1st day of June, 2016

article author CA Chirag Chauhan

Posted On:  1 year ago


Mauritius tax treaty DTAA Analysis from April 2017 and impact

Investment that were routed through tax heaven like Mauritius through Round tripping, Treaty shopping, will no longer get tax benefit from April 2017. Government of India has finally India has managed to renegotiate its tax treaty with Mauritius and signed Double Taxation Avoidance Agreement (DTAA)

article author CA Chirag Chauhan

Posted On:  1 year ago


Depreciation is allowed as expenditure for Computation of Income in case of Trust till 2015

Assessing Officer are mostly objecting depreciation claim by Charitable trust in scrutiny based on their opinion that expenditure is claimed twice, once at the time of application of income at the time of acquiring of asset and other at the time of claiming depreciation. The Article provides you explanation with relevant case laws on why depreciation should be allowed as expenditure

article author CA Chirag Chauhan

Posted On:  1 year ago


Declare Undisclosed Income Pay 45% as Tax from June 2016 to Sep 2016

The Income Declaration Scheme, 2016 incorporated as Chapter IX of the Finance Act 2016 provides an opportunity to all persons who have not declared income correctly in earlier years to come forward and declare such undisclosed income(s).

article author CA Chirag Chauhan

Posted On:  1 year ago


Non filing of annual accounts turns LLP into unlimited liability

NON FILING OF ANNUAL ACCOUNTS TURNS LLP INTO UNLIMITED LIABILITY

article author CS Perila Sheth